At a very personal, selfish level, I don't really care how "austere" the government decides to become. I don't have any real skin in the game, other than the increasingly perilous adventure of trying to drive on California's potholed roads. America doesn't really have any public amenities which are threatened by greater austerity; for example, we don't have a real passenger rail system, or much of anything in the way of public transportation. The conditions of accommodations and facilities (bathrooms, etc.) in national and state parks are usually a complete disgrace, and so forth. The graffiti-strewn walls, the urban blight, the shitty, cheap, tawdry look of so much of what's been built in this country in the last 60 years, are all reflections of the people who live here, their aesthetic criteria, their social mores. It's how we live and we've all gotten used to it. The public realm in general in the United States is a vast wasteland, in fact, and is the emblem of our governing ethos; to wit, beauty and grace in life are "private virtues" which must be earned and purchased. You must amass enough money to buy your own sylvan enclave, or your house on the beach, in order to escape the crapscape (h/t: James Kunstler) of American life in general. Amazingly, the financial elites who own such an overwhelmingly large proportion of the wealth in this country, and can afford to insulate themselves from the trash heap, have enlisted the help of the some of the most disadvantaged (the Tea Party types and Southern Rednecks, not always the same people) to assist them in enforcing this way of doing things. Thus, the Tea Party has as one of its main platform planks the perpetuation of the "Bush tax cuts," as if such a top-margin benefit could possibly help them at all.
February 27, 2011
Austerity, Then & Now
Posted by
Waldenswimmer
at
10:00:00 AM
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comments
Labels: american "economy"
February 22, 2011
Raise High the Tax Level, Carpenters
Faithful reader JM weighs in with the question about raising taxes. There are, after all, two approaches to balancing the budget. My own sense is that there is enough money sloshing around in the American economy to achieve a federal balance without significantly damaging the Lifestyles of the Rich & Famous. It would take two significant moves: One, an increase in the top marginal rate paid by the pluto-oligarchs; and Two, a more rational approach to defense spending which would reduce the outlay to, say, the $500 billion level (and that's everything, tips, gratuities, even the gift bags). To solve Social Security, the cap on the maximum income subject to FICA tax needs to be raised and perhaps titrated, year-by-year, to achieve a balance between outgo and income. And the health care system needs to be nationalized.
Percentiles Ranked by AGI | AGI Threshold on Percentiles | Percentage of Federal Personal Income Tax Paid |
Top 1% | $380,354 | 38.02 |
Top 5% | $159,619 | 58.72 |
Top 10% | $113,799 | 69.94 |
Top 25% | $67,280 | 86.34 |
Top 50% | $33,048 | 97.30 |
Bottom 50% | <$33,048 | 2.7 |
Posted by
Waldenswimmer
at
8:56:00 AM
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Labels: American budget
February 20, 2011
Note to GOP: Please, Please Shut the Government Down
It's just that we could all use a break.
Posted by
Waldenswimmer
at
8:55:00 AM
1 comments
Labels: Congressional shut down
February 17, 2011
Whistling past the bankruptcy court
My thinking has been in a state of backwardation lately because I just can't get past this game of charades that Congress and the President are playing concerning the budget. Nomi Prins wrote something kind of funny about it the other day; to wit, two firemen are standing on the sidewalk across the street from a burning house, and they're arguing about whether it would be better to use a teaspoon or a teacup to put the fire out. Think of one as the Democrats, the other as the Republicans, and that captures the essential absurdity. President Obama has talked about eliminating "$1 trillion" from the budget; however, he's talking over the next ten years. The Republicans want to cut $100 billion this year, if they can find some place to start. I'm not seeing the real difference between these two futile gestures.
Posted by
Waldenswimmer
at
7:47:00 PM
1 comments
Labels: American bankruptcy
February 14, 2011
The breathtaking elegance of national debt financing
It took me a while to catch on, but I think I've figured it out. In his new budget proposals, President Holograma has forecast really awesome numbers for federal revenue over the next few years which will gradually eliminate the deficit and restore America to prosperity. Since I can't really see how this can be accomplished with the materials at hand, you know, just looking around at the jobless situation and rather ungraciously noticing that the actual number of full-time jobs in the US of A is about the same now as in the year 2000 (about 130 million), I'm tempted to ask a question with the same initials as Win The Future, only different. I mean, how can the O-Admin project revenues for the feds of over $3.0 trillion for the fiscal year two years from now, and then rising sharply to $3.5 trillion right after that, when income currently is scraping along the bottom at under $2.2 trillion? That's a 50% increase in revenue in two years, and 75% a few years out!
Posted by
Waldenswimmer
at
12:43:00 PM
1 comments
Labels: National Ponzi
February 12, 2011
The Greenhouse Effect & Fat Tail Distributions
http://www.youtube.com/watch?v=_j1KGHOvSkM
Somewhat unAmericanly, when I am interested in scientific data beyond my own cognizance or competence, I find myself consulting sources of information where the people writing about the subject know something, you know, about what the hell they're talking about. This is not actually a bad approach to the arcane and complicated, I find. When in doubt, read something by someone who has studied the subject thoroughly and has come to some honest conclusions about what he or she has looked into. Following such a practice, of course, can place one at odds with the predominant style of opinion-formation in this great land of ours, which might be called blowing it out your barracks bag.
Posted by
Waldenswimmer
at
1:59:00 PM
1 comments
Labels: global warming
February 10, 2011
How long can bin Laden stay on dialysis?
"Archaeologists originally set the date of the scrolls at 4,000 B.C., or just after the massacre of the Israelites by their benefactors. The writing is a mixture of Sumerian, Aramaic, and Babylonian and seems to have been done by either one man over a long period of time, or several men who shared the same suit. The authenticity of the scrolls is currently in great doubt, particularly since the word “Oldsmobile” appears several times in the text..."Woody Allen, "The Red Sea Scrolls," from Without Feathers.
Posted by
Waldenswimmer
at
8:12:00 AM
1 comments
Labels: Great War on Terror